Latest News

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Almost one million savers could be subject to punitive tax charges on their pension, MoneyWeek has warned. According to the publication, almost a million savers have unknowingly triggered a substantial reduction in their annual contributions, and may now...
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Two out of every five pensioners are receiving less than £150 per week in state pension after changes to the system, new figures reveal. Under the new state benefit, the maximum pensioners are able to claim is £168.80 per week. Yet a Freedom of...
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The annual cost of being retired comes to £11,830 per year, according to a new analysis - although its cheaper in some regions of the UK than others. Research from Key, which looked at the government’s latest spending data, revealed that retirees...
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The 129 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit shifting have officially adopted a Programme of Work outlining the process for reaching a new global agreement on taxing multinational companies. According to the document calls,...
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Retired households pay 31% of their income in taxes - both direct and indirect - every year, according to a new analysis. Research from Key shows the average gross annual income for retired households is £25,051, while their post-tax income is...
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England’s Chief Medical Officer is considering recommending a tax hike on unhealthy food, she has revealed. Professor Dame Sally Davies has been tasked with urgently reviewing what actions can be taken to meet the government target of halving childhood...
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Scotland could face a £1 billion spending black hole in the coming years, potentially necessitating tax hikes or further austerity. The nation’s economic watchdog has warned that Finance Secretary Derek Mackay may have to increase taxes or...
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A HMRC counting error means roughly half as many people as previously thought are benefitting from a marriage tax break. The marriage allowance allows a married individual to transfer £1,250 of their tax-free income to their spouse or civil partner if...
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The UK’s tax system does help to cut wealth inequality, according to a new report from the Institute for Fiscal Studies (IFS), although benefits continue to do the most to help the least wealthy. According to the research, the top 20% of earners bring...
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Tax cuts for “ordinary working families” are an option, thanks to an “improved state of public finances”, Chancellor Philip Hammond has said. Speaking to MPs during Treasury questions in the Commons, Hammond noted that, despite the...
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FTSE 100 companies paid out seven times more in dividends than they made in contributions to defined benefit (DB) pension schemes last year, according to a new report. The Accounting for Pensions 2019 report from consultancy LCP estimates that FTSE 100...
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The first step in scrapping unnecessary Personal Independence Payment (PIP) reviews for pensioners kicked in on Friday 31 March. Work and Pensions Secretary Amber Rudd announced in March that those receiving PIP who have hit state pension age will no longer...
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G20 nations are planning to change how they tax digital giants. The Nikkei business daily reports companies such as Google will be taxed based on the business they do in a country, rather than where they are headquartered. It’s believed the basic...
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Thousands of grandparents are failing to take advantage of a pension perk that could increase the amount they receive, new figures have revealed. The specified adult childcare credits scheme, launched in 2011, is designed to assist grandparents who look...
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Rule changes surrounding pension credit for mixed-age couples came into effect on 15 May, potentially leaving some families £7,000 a year worse off. Pension credit was initially introduced by prime minister Gordon Brown to help pensioners who were...
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The number of new buy-to-let home purchase mortgages completed in March 2019 had dropped by 9.1% from the same month last year, new figures show. According to the data from UK Finance, there were 5,000 new buy-to-let mortgages completed during the month. It...
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New income tax codes for Welsh taxpayers have led to a mix-up in which some workers have wrongly paid Scottish rates. A number of workers are thought to have paid either too much or too little income tax due to the confusion surrounding the codes, which are...
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The European Union (EU) has removed Aruba, Barbados and Bermuda from its tax haven blacklist, meaning no EU territories remain on the list. The three islands had been added to the list in March after failures to change their tax rules, which the EU warned...
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The number of public sector pensioners who are retiring with incomes over £100,000 has more than tripled over the past seven years - but at what cost to younger generations? The Intergenerational Foundation (IF) obtained figures that revealed pension...
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The Financial Conduct Authority (FCA) has requested that five directors of firms involved in handing out unsuitable pension transfer advice be heavily sanctioned. The regulator wants over £1 million in fines to be applied to the directors of Financial...
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A mandatory tax should be imposed on gambling, according to the authors of a new paper published in the British Medical Journal. The report stated that the economic cost of gambling-related harm had been “significantly underestimated”. The...
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HMRC has been ordered to delete the voice records of five million taxpayers, after the Information Commissioner’s Office (ICO) ruled there had been a “significant” breach of data protection laws. The decision came after HMRC failed to gain...
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HMRC has recovered more than £5 million in unpaid tax from hundreds of dog breeders and traders who sell puppies on the black market. Since an investigation into the puppy breeders was launched in 2015, HMRC has gained £5,393,035, spanning 257...
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Proposals to increase VAT on solar panels will hold back the UK from achieving a net zero economy, according to Committee on Climate Change (CCC) chief Chris Stark. Speaking to the Business, Energy and Industrial Strategy (BEIS) select committee, Mr Stark...
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Plans for a workplace parking tax in Scotland could risk police safety, The Scottish Police Federation (SPF) has warned. The proposal, which aims to tax motorists for parking at work, does not include an exemption for police officers, although exemptions for...